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Saudi's Sipchem pays $100m to raise stakes in two units

Sipchem will increase its stake in International Acetyl Company and International Vinyl Acetate Company to 87%

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By Reuters

Mon 08 Feb 2016 11:27 AM

Saudi International Petrochemical Co (Sipchem) said on Monday it has paid 375.3 million riyals ($100.1 million) to raise its stake in two subsidiaries.

The firm will buy stakes owned by Kuwait's Ikarus Petroleum Industries in International Acetyl Company and International Vinyl Acetate Company after receiving regulatory approval, Sipchem said in a bourse statement.

Sipchem, which already owns 76 percent of both subsidiaries, said the deals would raise its holdings in each to 87 percent.

The financial impact of the purchases will be shown in the first quarter of 2016, it said in the statement.